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    BREAKING NEWS
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    $190 Billion Investment needs by Africa yearly between 2026 – 2030 in a bid to meet Africa’s Energy and Climate Objectives in order to Enhance Socio-Economic Achievement

    Posted On 01 Dec 2022
    By : New Africa Business News, Staff Correspondent
    Comments: 12

    By Abdul Rahman Bangura-

    Photo Credit: qz.com

    NEW AFRICA BUSINESS NEWS (NABN) Freetown, Sierra Leone– Delivering a paper titled “Energy Mix – Ttoes with Finding and Deploying Commercially Viable Renewable Energy Solutions”, at the West Africa Power Pool Conference in Dakar, Senegal, said: “Achieving Africa’s energy and climate goals means more than doubling energy investment this decade. This would take it over $190bn each year from 2026 to 2030, with two-thirds going to clean energy.”

    He remarked that Africa’s energy generation would proceed to be from natural gas, as renewables were anticipated to thrive from 21% in 2020 to 59% of electricity generation by 2030. According to him, Africa would expect about $2.64tn, approximately the size of her GDP, to bank 100% on renewable energy sources for electricity generation by
    2050.

    He asserted the budgets would be obliged to drive the installation percentage the renewable energy sources, as well as the infrastructure desired for the generation, network, storage system, and other facilitating costs.

    He expanded that solar, wind, and hydropower of generation are the extensively achievable renewable energy solutions in Africa. He pinpointed that Nigeria’s photovoltaic power potential made solar energy very possible for both investors and consumers.

    “Sahara Power is currently harnessing this potential through the implementation of large-scale and mini-grid solar projects,” he stated, adding, “Sahara has begun the implementation of solar energy in Nigeria solar large-scale renewables, such as the construction of a 5MW solar farm in North East Nigeria and the deployment of mini-grid solutions to locations that commenced with three pilot projects within Sahara Power’s Ikeja Electric franchise in Lagos.”

    He told the solar solution in Lagos is predicted to assist over 20,000 households, with a far-reaching positive influence on economic activities.

    Public and private investors have been the references of reserves for Africa’s renewable energy enterprises, encompassing international donors, banks and development finance institutions.

     

    For New Africa Business News (NABN) Abdul Rahman Bangura Reports,  Africa Correspondent

    About the Author
    New Africa Business News Staff Correspondent
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    12 Comments

    1. Andy December 1, 2022 at 4:24 am Reply

      Energy investment this decade is the key for our energy independency. Thank you for the report. Gaborone in Botswana. Andy

      • New Africa Business News, Staff Correspondent December 1, 2022 at 4:58 am Reply

        Thanks for reading, Africa’s fastest growing online newspaper. Please forward http://www.newafricabusinessnews.com

    2. Tami December 1, 2022 at 4:27 am Reply

      Like to thank Journalist Bangura for this report. Tami in Johannesburg SOUTH AFRICA

      • New Africa Business News, Staff Correspondent December 1, 2022 at 4:58 am Reply

        Thanks for reading, Africa’s fastest growing online newspaper. Please forward http://www.newafricabusinessnews.com

    3. Lucy December 1, 2022 at 4:30 am Reply

      Thank you for responding to our emailed. Fan of your online newspaper. Bissau in Guinea Bissau. Lucy

      • New Africa Business News, Staff Correspondent December 1, 2022 at 4:58 am Reply

        Thanks for reading, Africa’s fastest growing online newspaper. Please forward http://www.newafricabusinessnews.com

    4. Umma December 1, 2022 at 4:40 am Reply

      It makes me extremely glad to see our great continent AFRIKA developing beautifully and business within. Nairobi in Kenya. Umma

      • New Africa Business News, Staff Correspondent December 1, 2022 at 4:57 am Reply

        Thanks for reading, Africa’s fastest growing online newspaper. Please forward http://www.newafricabusinessnews.com

    5. Paul December 1, 2022 at 4:44 am Reply

      Love the daily newsletters. Thank you Bangura for the reports. Juba in South Sudan. Paul

      • New Africa Business News, Staff Correspondent December 1, 2022 at 4:57 am Reply

        Thanks for reading, Africa’s fastest growing online newspaper. Please forward http://www.newafricabusinessnews.com

    6. Mary December 1, 2022 at 4:55 am Reply

      I like the idea of investing more money on renewable energy. Let us not make the mistakes that other economics made and continue making. Let safe this great Earth and the only Earth, the ALL HIGH bless us with. Fan of new Africa business news. Great and excellent job, your teams are doing. Abuja in Nigeria. Mary

      • New Africa Business News, Staff Correspondent December 1, 2022 at 4:57 am Reply

        Thanks for reading, Africa’s fastest growing online newspaper. Please forward http://www.newafricabusinessnews.com

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    A twin Currency Trade Finance Line of Credit of $50 Million and €50 Million has been validated by the Board of Directors of the African Development Bank Group and the ECOWAS Bank for Investment and Development

    $100 Billion in Investment is needle for the Modernization and Harmonization of Regulatory Framework to boost Africa's established Broadband Coverage by 2030

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    • A twin Currency Trade Finance Line of Credit of $50 Million and €50 Million has been validated by the Board of Directors of the African Development Bank Group and the ECOWAS Bank for Investment and Development
    • $100 Billion in Investment is needle for the Modernization and Harmonization of Regulatory Framework to boost Africa’s established Broadband Coverage by 2030
    • Nigeria Launches National Domestic Payments Card Program
    • In Guinea-Bissau, ECOWAS Parliament held a 3 Day Seminar on the Adoption of a Single Currency for Member African States
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